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Side-by-side financial comparison of IHS Holding Ltd (IHS) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $152.8M, roughly 1.7× Riot Platforms, Inc.). On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
IHS vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $152.8M |
| Net Profit | — | $-690.7M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | -447.9% |
| Net Margin | — | -452.0% |
| Revenue YoY | 0.1% | 7.2% |
| Net Profit YoY | — | -606.3% |
| EPS (diluted) | — | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $254.0M | $152.8M | ||
| Q3 25 | $455.1M | $180.2M | ||
| Q2 25 | $433.3M | $153.0M | ||
| Q1 25 | $439.6M | $161.4M | ||
| Q4 24 | $253.8M | $142.6M | ||
| Q3 24 | $420.3M | $84.8M | ||
| Q2 24 | $435.4M | $70.0M | ||
| Q1 24 | $417.7M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $147.4M | $104.5M | ||
| Q2 25 | $32.3M | $219.5M | ||
| Q1 25 | $30.7M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-205.7M | $-154.4M | ||
| Q2 24 | $-124.3M | $-84.4M | ||
| Q1 24 | $-1.6B | $211.8M |
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | -447.9% | ||
| Q3 25 | 35.1% | 44.4% | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 37.1% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 29.9% | -143.3% | ||
| Q2 24 | 34.0% | -167.2% | ||
| Q1 24 | -1.7% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | 32.4% | 58.0% | ||
| Q2 25 | 7.5% | 143.4% | ||
| Q1 25 | 7.0% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -48.9% | -182.1% | ||
| Q2 24 | -28.5% | -120.6% | ||
| Q1 24 | -372.8% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $0.44 | $0.26 | ||
| Q2 25 | $0.10 | $0.58 | ||
| Q1 25 | $0.10 | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $-0.61 | $-0.54 | ||
| Q2 24 | $-0.36 | $-0.32 | ||
| Q1 24 | $-4.67 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $825.7M | $233.5M |
| Total DebtLower is stronger | $3.1B | $840.8M |
| Stockholders' EquityBook value | $-89.8M | $2.9B |
| Total Assets | $4.5B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $233.5M | ||
| Q3 25 | $647.6M | $330.7M | ||
| Q2 25 | $531.8M | $255.4M | ||
| Q1 25 | $629.0M | $163.7M | ||
| Q4 24 | $578.0M | $277.9M | ||
| Q3 24 | $397.5M | $355.7M | ||
| Q2 24 | $445.7M | $481.2M | ||
| Q1 24 | $333.2M | $688.5M |
| Q4 25 | $3.1B | $840.8M | ||
| Q3 25 | $3.3B | $5.3M | ||
| Q2 25 | $3.2B | $5.3M | ||
| Q1 25 | $3.4B | $5.3M | ||
| Q4 24 | $3.3B | $584.6M | ||
| Q3 24 | $3.5B | $5.7M | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $2.9B | ||
| Q3 25 | $38.1M | $3.5B | ||
| Q2 25 | $-98.4M | $3.3B | ||
| Q1 25 | $-184.4M | $2.9B | ||
| Q4 24 | $-314.4M | $3.1B | ||
| Q3 24 | $-284.7M | $2.7B | ||
| Q2 24 | $-308.3M | $2.6B | ||
| Q1 24 | $-163.2M | $2.5B |
| Q4 25 | $4.5B | $3.9B | ||
| Q3 25 | $4.7B | $4.5B | ||
| Q2 25 | $4.5B | $4.3B | ||
| Q1 25 | $4.4B | $3.7B | ||
| Q4 24 | $4.2B | $3.9B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $4.5B | $2.7B | ||
| Q1 24 | $4.6B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | 85.85× | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $246.9M | $-572.9M |
| Free Cash FlowOCF − Capex | $178.6M | $-774.3M |
| FCF MarginFCF / Revenue | 70.3% | -506.6% |
| Capex IntensityCapex / Revenue | 26.9% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $-572.9M | ||
| Q3 25 | $251.3M | $-114.0M | ||
| Q2 25 | $237.7M | $-231.3M | ||
| Q1 25 | $200.3M | $-122.1M | ||
| Q4 24 | $344.4M | $-255.1M | ||
| Q3 24 | $174.5M | $-56.3M | ||
| Q2 24 | $134.7M | $-42.5M | ||
| Q1 24 | $75.8M | $-57.9M |
| Q4 25 | $178.6M | $-774.3M | ||
| Q3 25 | $189.2M | $-139.7M | ||
| Q2 25 | $197.7M | $-291.7M | ||
| Q1 25 | $153.2M | $-154.9M | ||
| Q4 24 | $282.9M | $-495.4M | ||
| Q3 24 | $122.3M | $-127.6M | ||
| Q2 24 | $74.2M | $-96.1M | ||
| Q1 24 | $14.8M | $-115.2M |
| Q4 25 | 70.3% | -506.6% | ||
| Q3 25 | 41.6% | -77.5% | ||
| Q2 25 | 45.6% | -190.7% | ||
| Q1 25 | 34.8% | -96.0% | ||
| Q4 24 | 111.5% | -347.5% | ||
| Q3 24 | 29.1% | -150.5% | ||
| Q2 24 | 17.0% | -137.2% | ||
| Q1 24 | 3.5% | -145.2% |
| Q4 25 | 26.9% | 131.8% | ||
| Q3 25 | 13.6% | 14.3% | ||
| Q2 25 | 9.2% | 39.5% | ||
| Q1 25 | 10.7% | 20.4% | ||
| Q4 24 | 24.2% | 168.6% | ||
| Q3 24 | 12.4% | 84.1% | ||
| Q2 24 | 13.9% | 76.5% | ||
| Q1 24 | 14.6% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | -1.09× | ||
| Q2 25 | 7.36× | -1.05× | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
